Cryptocurrency regulation bill fails in US Senate

ATLANTA, Ga. (Atlanta News First) — A key vote on the Clarity Act – Congress’ first comprehensive attempt to federally regulate cryptocurrency – failed a major procedural vote on Tuesday.

The Clarity Act, shorthand for the Digital Market Asset Clarity Act, would have set ground rules for regulating the fast-growing digital currency market, including which federal agency would have oversight, how it would be taxed and how banking would be handled.

The Senate was unable to reach the 60 votes necessary to bring the act to the floor for a vote. The U.S. House of Representatives had already passed a different version of the bill, and the Senate’s changes once it reached their chamber mean the bill would eventually have to go back to their House colleagues for final passage.

The legislation was billed by crypto industry leaders as a game changer in the emerging market. As of right now, cryptocurrency is regulated through a patchwork of state laws and some White House executive orders, which are subject to change depending on who is in office. The Biden White House was fast to crack down on growing the cryptocurrency industry, while President Donald Trump has done the opposite, even investing in cryptocurrency himself.